The product, Fedena, is available in both free and paid models and is used by over 40,000 institutions in over 100 countries, primarily in Africa, Asia and Latin America.

Bissell came across Fedena a little over a year ago when the product was implemented at 'The Fabindia School' in Rajasthan. “Educational institutions are increasingly becoming complex organisations.

Fedena is a useful solution that helps integrate all the administrative functions of a school into a single, easy-to-use software,” said Bissell, who became Fabindia’s MD in 1999.

Bissell is among a growing group of successful entrepreneurs and senior executives who have turned angel investors. Rajan Anandan, who heads Google India, is among the most prolific angel investors in the country with about 40 investments.

"Apart from making investments for profit, many now want to see social impact as well." Bissell has made angel investments in four companies, including Chennai and Singapore-based data analytics firm Crayon Data.

Unni Koroth, one of the six co-founders of Foradian, said despite having a couple of offers from venture capital investors, they chose Bissell as he understood the challenges better.

"Money is only one aspect of an investment," said Koroth, 29. Foradian, founded in 2009, started as a web development firm based out of small north Kerala district of Kasargod. It moved to Bangalore in 2012. About 2,000 institutions are its paid users.

The company, which has a team of over 30 employees, intends to use the funds for further product development and to expand their geographical reach. Foradian, which is profitable, aims to earn $3 million (over Rs 18 crore) revenue this fiscal year.